China’s decision to lower key short-term policy rates and benchmark lending rates came as a surprise to many in the market. The move was a response to weaker-than-expected second-quarter economic data and the country’s struggle to combat deflation, a property crisis, surging debt, and weak consumer and business sentiment. Additionally, mounting trade tensions and concerns
Economy
Rachel Reeves, the new finance minister in Britain, is contemplating the implementation of inflation-busting pay increases for nearly 2 million government employees in an attempt to prevent potential public sector strikes. The proposed pay rises, recommended by two government advisory bodies, would equate to a 5.5% raise for 460,000 teachers and 1.4 million National Health
The second-quarter results of U.S. banks have revealed a concerning trend of increased provisions for credit losses, driven by deteriorating commercial real estate (CRE) loans and high-interest rates. In response to this, regional lenders like M&T Bank are gradually reducing their exposure to the troubled CRE sector and repositioning their balance sheets to concentrate on
The European Central Bank (ECB) recently held its rates steady and its President, Christine Lagarde, hinted at the possibility of further interest rate cuts in the near future. While Lagarde stopped short of declaring victory over the bout of high inflation caused by the COVID-19 pandemic, two ECB policymakers, French governor Francois Villeroy de Galhau
India’s central bank recently announced that the economy’s natural rate of interest has increased post-pandemic and is expected to continue rising. This increase is driven by the growth of potential output, which could potentially limit the scope for monetary policy easing. The natural rate of interest is a critical factor associated with an economy operating
The tension between the Philippines and China over the disputed Second Thomas Shoal in the South China Sea has escalated, prompting two senior Republican U.S. senators to urge President Joe Biden to provide a comprehensive list of options developed by the Pentagon and State Department to aid the Philippines. The situation at the shoal, where
Citizens Financial exceeded expectations for its second-quarter profit, reporting strong results due to the boost in capital markets fees. The surge in fees, up by 63%, was primarily driven by bond underwriting and loan syndication activities. This positive trend mirrors the quarterly reports of larger competitors such as Bank of America and JPMorgan Chase, indicating
Argentina’s dollar-denominated bonds faced significant challenges this week, as all restructured bonds experienced a decline in price by over 1 cent. This drop comes on the heels of investor concerns surrounding the government’s decision to sell dollars and its potential impact on reserve accumulation. The 2035 maturity bond bore the brunt of the fall with
The recent comments made by Federal Reserve Chair Jerome Powell have had a significant impact on the dollar, causing it to hover around five-week lows. Powell’s remarks have bolstered the case for a rate cut in September, leading to a shift in rate cut expectations among market participants. This has resulted in the dollar index
Pakistan’s benchmark share index rose by 1.44% to reach a record high following the announcement of a staff level agreement (SLA) between the International Monetary Fund (IMF) and Pakistan for a $7 billion, 37-month loan program. This positive development comes after months of negotiations, signaling a step towards stabilizing the economy and averting a sovereign
China’s economy has hit a roadblock in the second quarter of the year, with growth slowing down to 4.7%. This marks the slowest growth rate since the first quarter of 2023, falling short of the 5.1% forecast by analysts. The sluggish growth is attributed to a prolonged property downturn and job insecurity, which have dampened
The World Bank, with the backing of the U.S. and Australia, is taking steps to provide a financial lifeline for Pacific Island nations as they face the risk of being cut off from global finance due to Western banks exiting the region. The proposal, amounting to $77 million, aims to ensure emergency access to major
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